Last weekend, in my Market Forecast, I wrote,
"For the new week, more earnings are coming in, but, some sectors are looking a bit toppy… Right off the bat, we get some pretty important earnings on Monday: CAT, BMC, VMW, and YHOO. If the market keeps climbing higher, if SPX 1500 is cleared, the next resistance is at 1520. If the market slides back, between 1480 and 1490, there is support."
Things did look tired to start the week. Although the market went up to test 1510 on Wednesday morning, the buying faded in the afternoon and the market closed lower. We locked in some profits on the up side and picked off some quick trades on the down side. Thursday saw profit-taking pretty much across the board. But, Friday’s economic data brought the buyers back in pushed the Dow to its first closed above 14,000 since 2007.
For the week, the Dow was up +113.81 points; SPX added +10.21 points; Nasdaq gained +29.39 points. Gold was little changed, settling around $1670/ounce. Oil went higher, closing above $97/barrel. At the time of this writing, Asian markets were up. Let’s see how the US market closed on Friday:
SPX added +15.06 points to close at 1513.17. Its daily MAs and MACD climbed higher.
Nasdaq added +36.97 points to close at 3179.1. Its daily MAs and MACD were up.
Both SPX and Nasdaq closed just above their respective resistance levels. VIX went below 13 again. For the new week…
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